A strata title - first conceived by the state of New South Wales in 1961 - is a form of title ownership or legal document designed for multi-layered apartment blocks and horizontal subdivisions with common or shared areas, when legal ownership of a single apartment block (or lot/unit) became a cause for concern.. 3.1. Pros. 3.2. Cons. In general terms, strata title includes ownership of a multi-level apartment or a freestanding property along with proportionate interest in shared spaces. The strata here refers to apartments or lots at different levels or strata, and shared spaces include parking lots, lifts, gymnasium, swimming pools play area and garden.
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A strata property is similar to a traditional apartment in several ways. In many cases, they are found in high-rise buildings or vast complexes and are most common in highly-populated cities.. Property insurance covers the strata, common property and the contents listed in the property title. Some of the contents covered by property.. Strata title (or 'strata living') is a system for dividing real estate into individually-owned units and shared common areas such as lobbies, pools, gardens, and driveways. It is also known as 'stratified ownership' or 'owners corporation'. Each unit owner owns their own unit, but they also share responsibility for the upkeep of.
